☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, no par value | VIVO | NASDAQ Global Select Market |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
Emerging growth company | ☐ |
Class | Outstanding | |
Common Stock, no par value |
Page(s) | ||||||||||
PART I. | ||||||||||
Item 1. | ||||||||||
1 | ||||||||||
2 | ||||||||||
3 | ||||||||||
4-5 | ||||||||||
6 | ||||||||||
7-16 | ||||||||||
Item 2. | 16-23 | |||||||||
Item 3. | 23 | |||||||||
Item 4. | ||||||||||
PART II. | ||||||||||
Item 1. | 24 | |||||||||
Item 1A. | 24 | |||||||||
Item 6. | 24 | |||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
June 30, | June 30, | Three Months Ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
NET REVENUES | $ | 63,511 | $ | 84,797 | $ | 241,692 | $ | 189,514 | $ | 88,341 | $ | 92,917 | ||||||||||||
COST OF SALES | 26,400 | 28,814 | 85,261 | 71,334 | 39,182 | 31,369 | ||||||||||||||||||
GROSS PROFIT | 37,111 | 55,983 | 156,431 | 118,180 | 49,159 | 61,548 | ||||||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||||||
Research and development | 6,083 | 6,668 | 17,799 | 16,746 | 6,194 | 5,651 | ||||||||||||||||||
Selling and marketing | 6,209 | 6,282 | 19,770 | 19,539 | 7,741 | 7,021 | ||||||||||||||||||
General and administrative | 11,964 | 12,624 | 36,827 | 32,236 | 14,660 | 11,938 | ||||||||||||||||||
Acquisition-related costs | 300 | 1,641 | 300 | 3,428 | ||||||||||||||||||||
Selected legal costs | 281 | 1,227 | ||||||||||||||||||||||
Change in fair value of acquisition consideration | (3,563 | ) | (6,124 | ) | (5,505 | ) | (7,428 | ) | 0 | 1,047 | ||||||||||||||
Restructuring costs | 0 | 93 | 0 | 620 | ||||||||||||||||||||
Selected legal costs | 438 | 134 | 2,695 | 1,189 | ||||||||||||||||||||
Total operating expenses | 21,431 | 21,318 | 71,886 | 66,330 | 28,876 | 26,884 | ||||||||||||||||||
OPERATING INCOME | 15,680 | 34,665 | 84,545 | 51,850 | 20,283 | 34,664 | ||||||||||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||||||||||||||
Interest income | 0 | 3 | 15 | 137 | 1 | 9 | ||||||||||||||||||
Interest expense | (444 | ) | (703 | ) | (1,450 | ) | (2,002 | ) | (372 | ) | (534 | ) | ||||||||||||
RADx grant income | 0 | 0 | 1,000 | 0 | 0 | 800 | ||||||||||||||||||
Other, net | 59 | 908 | (1,515 | ) | 1,561 | (161 | ) | (691 | ) | |||||||||||||||
Total other income (expense) | (385 | ) | 208 | (1,950 | ) | (304 | ) | |||||||||||||||||
Total other expense, net | (532 | ) | (416 | ) | ||||||||||||||||||||
EARNINGS BEFORE INCOME TAXES | 15,295 | 34,873 | 82,595 | 51,546 | 19,751 | 34,248 | ||||||||||||||||||
INCOME TAX PROVISION | 3,626 | 7,366 | 17,845 | 11,853 | 4,411 | 7,469 | ||||||||||||||||||
NET EARNINGS | $ | 11,669 | $ | 27,507 | $ | 64,750 | $ | 39,693 | $ | 15,340 | $ | 26,779 | ||||||||||||
BASIC EARNINGS PER COMMON SHARE | $ | 0.27 | $ | 0.64 | $ | 1.50 | $ | 0.93 | $ | 0.35 | $ | 0.62 | ||||||||||||
DILUTED EARNINGS PER COMMON SHARE | $ | 0.26 | $ | 0.64 | $ | 1.47 | $ | 0.92 | $ | 0.35 | $ | 0.61 | ||||||||||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC | 43,334 | 42,837 | 43,226 | 42,819 | 43,439 | 43,098 | ||||||||||||||||||
EFFECT OF DILUTIVE STOCK OPTIONS AND RESTRICTED SHARE UNITS | 763 | 436 | 780 | 219 | 589 | 681 | ||||||||||||||||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED | 44,097 | 43,273 | 44,006 | 43,038 | 44,028 | 43,779 | ||||||||||||||||||
ANTI-DILUTIVE SECURITIES: | ||||||||||||||||||||||||
Common share options and restricted share units | 190 | 854 | 180 | 1,298 | 425 | 258 | ||||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | Three Months Ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
NET EARNINGS | $ | 11,669 | $ | 27,507 | $ | 64,750 | $ | 39,693 | $ | 15,340 | $ | 26,779 | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||||||
Foreign currency translation adjustment | 41 | 597 | 3,421 | 579 | (58 | ) | 3,301 | |||||||||||||||||
Unrealized gain (loss) on cash flow hedge | 9 | (390 | ) | 469 | (703 | ) | ||||||||||||||||||
Unrealized gain on cash flow hedge | 550 | 21 | ||||||||||||||||||||||
Reclassification of amortization of gain on cash flow hedge | 0 | (77 | ) | (154 | ) | (231 | ) | 0 | (77 | ) | ||||||||||||||
Income taxes related to items of other comprehensive income (loss) | (2 | ) | 115 | (68 | ) | 230 | ||||||||||||||||||
Income taxes related to items of other comprehensive (loss) income | (135 | ) | 14 | |||||||||||||||||||||
Other comprehensive income (loss), net of tax | 48 | 245 | 3,668 | (125 | ) | |||||||||||||||||||
Other comprehensive income, net of tax | 357 | 3,259 | ||||||||||||||||||||||
COMPREHENSIVE INCOME | $ | 11,717 | $ | 27,752 | $ | 68,418 | $ | 39,568 | $ | 15,697 | $ | 30,038 | ||||||||||||
Nine Months Ended June 30, | 2021 | 2020 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net earnings | $ | 64,750 | $ | 39,693 | ||||
Non-cash items included in net earnings: | ||||||||
Depreciation of property, plant and equipment | 4,729 | 3,762 | ||||||
Amortization of intangible assets | 6,453 | 5,604 | ||||||
Stock compensation expense | 3,170 | 2,809 | ||||||
Deferred income taxes | (35 | ) | 2,214 | |||||
Change in fair value of acquisition consideration | (5,505 | ) | (7,428 | ) | ||||
Change in the following: | ||||||||
Accounts receivable | (2,363 | ) | (6,352 | ) | ||||
Inventories | (11,831 | ) | (17,828 | ) | ||||
Prepaid expenses and other current assets | (1,965 | ) | 68 | |||||
Accounts payable and accrued expenses | (2,252 | ) | 4,422 | |||||
Income taxes payable | (2,317 | ) | 3,401 | |||||
Other, net | (448 | ) | 1,315 | |||||
Net cash provided by operating activities | 52,386 | 31,680 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Purchase of property, plant and equipment | (16,407 | ) | (2,471 | ) | ||||
Payment of acquisition consideration holdback | (5,000 | ) | — | |||||
Acquisition of Exalenz, net of cash acquired | — | (51,299 | ) | |||||
Net cash used in investing activities | (21,407 | ) | (53,770 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Payment on revolving credit facility | (18,824 | ) | (27,000 | ) | ||||
Proceeds from revolving credit facility | — | 50,000 | ||||||
Payment of debt issuance costs | — | (116 | ) | |||||
Proceeds from exercise of stock options | 2,939 | — | ||||||
Net cash (used in) provided by financing activities | (15,885 | ) | 22,884 | |||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 1,404 | 254 | ||||||
Net Increase in Cash and Cash Equivalents | 16,498 | 1,048 | ||||||
Cash and Cash Equivalents at Beginning of Period | 53,514 | 62,397 | ||||||
Cash and Cash Equivalents at End of Period | $ | 70,012 | $ | 63,445 | ||||
Three Months Ended December 31, | ||||||||
2021 | 2020 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net earnings | $ | 15,340 | $ | 26,779 | ||||
Non-cash items included in net earnings: | ||||||||
Depreciation of property, plant and equipment | 1,700 | 1,508 | ||||||
Amortization of intangible assets | 2,483 | 2,221 | ||||||
Stock-based compensation | 1,903 | 1,241 | ||||||
Deferred income taxes | 927 | (852 | ) | |||||
Change in fair value of acquisition consideration | 0 | 1,047 | ||||||
Change in the following: | ||||||||
Accounts receivable | 9,424 | (1,776 | ) | |||||
Inventories | 2,093 | (5,941 | ) | |||||
Prepaid expenses and other current assets | 200 | 2,682 | ||||||
Accounts payable and accrued expenses | 1,018 | (5,826 | ) | |||||
Income taxes payable | 1,113 | 4,032 | ||||||
Other, net | (646 | ) | 6 | |||||
Net cash provided by operating activities | 35,555 | 25,121 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Purchase of property, plant and equipment | (1,708 | ) | (2,086 | ) | ||||
Payment of acquisition consideration holdback | 0 | (5,000 | ) | |||||
Net cash used in investing activities | (1,708 | ) | (7,086 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Payment on revolving credit facility | (10,000 | ) | (10,000 | ) | ||||
Payment of deferred financing costs | (404 | ) | 0 | |||||
Proceeds from exercise of stock options | 80 | — | ||||||
Employee taxes paid upon net share settlement of restricted share units | (763 | ) | 0 | |||||
Net cash used in financing activities | (11,087 | ) | (10,000 | ) | ||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 198 | 1,644 | ||||||
Net Increase in Cash and Cash Equivalents | 22,958 | 9,679 | ||||||
Cash and Cash Equivalents at Beginning of Period | 49,771 | 53,514 | ||||||
Cash and Cash Equivalents at End of Period | $ | 72,729 | $ | 63,193 | ||||
June 30, 2021 (Unaudited) | September 30, 2020 | December 31, 2021 (Unaudited) | September 30, 2021 | |||||||||||||
CURRENT ASSETS | ||||||||||||||||
Cash and cash equivalents | $ | 70,012 | $ | 53,514 | $ | 72,729 | $ | 49,771 | ||||||||
Accounts receivable, less allowances of $514 and $513, respectively | 42,258 | 38,512 | ||||||||||||||
Accounts receivable, less allowances of $1,293 and $1,078, | 44,300 | 53,568 | ||||||||||||||
Inventories, net | 71,813 | 61,264 | 74,198 | 76,842 | ||||||||||||
Prepaid expenses and other current assets | 10,896 | 8,900 | 12,426 | 12,626 | ||||||||||||
Total current assets | 194,979 | 162,190 | 203,653 | 192,807 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT, at Cost | ||||||||||||||||
Land | 993 | 991 | 987 | 989 | ||||||||||||
Buildings and improvements | 32,372 | 32,188 | 33,009 | 32,765 | ||||||||||||
Machinery, equipment and furniture | 77,429 | 69,854 | 79,438 | 78,410 | ||||||||||||
Construction in progress | 11,555 | 1,200 | 10,352 | 9,991 | ||||||||||||
Subtotal | 122,349 | 104,233 | 123,786 | 122,155 | ||||||||||||
Less: accumulated depreciation and amortization | 77,669 | 73,113 | 80,500 | 78,941 | ||||||||||||
Property, plant and equipment, net | 44,680 | 31,120 | 43,286 | 43,214 | ||||||||||||
OTHER ASSETS | ||||||||||||||||
Goodwill | 115,315 | 114,186 | 114,713 | 114,668 | ||||||||||||
Other intangible assets, net | 76,744 | 83,197 | 81,658 | 84,151 | ||||||||||||
Right-of-use | 6,384 | 6,336 | 5,431 | 5,786 | ||||||||||||
Deferred income taxes | 8,073 | 7,647 | 8,813 | 8,731 | ||||||||||||
Other assets | 395 | 585 | 1,086 | 365 | ||||||||||||
Total other assets | 206,911 | 211,951 | 211,701 | 213,701 | ||||||||||||
TOTAL ASSETS | $ | 446,570 | $ | 405,261 | $ | 458,640 | $ | 449,722 | ||||||||
June 30, 2021 (Unaudited) | September 30, 2020 | December 31, 2021 (Unaudited) | September 30, 2021 | |||||||||||||
CURRENT LIABILITIES | ||||||||||||||||
Accounts payable | $ | 13,103 | $ | 11,969 | $ | 16,293 | $ | 11,701 | ||||||||
Accrued employee compensation costs | 14,026 | 16,661 | 12,029 | 16,853 | ||||||||||||
Current portion of acquisition consideration | 0 | 12,619 | ||||||||||||||
Accrued product recall costs | 4,269 | 5,100 | ||||||||||||||
Acquisition consideration | 1,000 | 0 | ||||||||||||||
Current operating lease obligations | 2,059 | 1,789 | 2,057 | 1,990 | ||||||||||||
Current government grant obligations | 735 | 600 | 765 | 638 | ||||||||||||
Other accrued expenses | 4,870 | 5,362 | 8,667 | 7,027 | ||||||||||||
Income taxes payable | 1,909 | 3,524 | 4,866 | 3,848 | ||||||||||||
Total current liabilities | 36,702 | 52,524 | 49,946 | 47,157 | ||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||||
Acquisition consideration | 15,404 | 13,290 | 0 | 1,000 | ||||||||||||
Post-employment benefits | 2,314 | 2,493 | 2,169 | 2,253 | ||||||||||||
Fair value of interest rate swaps | 245 | 713 | ||||||||||||||
Long-term operating lease obligations | 4,477 | 4,678 | 3,529 | 3,932 | ||||||||||||
Long-term debt | 50,000 | 68,824 | 50,000 | 60,000 | ||||||||||||
Government grant obligations | 10,512 | 10,524 | 5,068 | 5,176 | ||||||||||||
Long-term income taxes payable | 374 | 549 | 469 | 469 | ||||||||||||
Deferred income taxes | 4,195 | 3,804 | 2,067 | 1,055 | ||||||||||||
Other non-current liabilities | 191 | 233 | 173 | 378 | ||||||||||||
Total non-current liabilities | 87,712 | 105,108 | 63,475 | 74,263 | ||||||||||||
COMMITMENTS AND CONTINGENCIES | 0 | 0 | 0 | 0 | ||||||||||||
SHAREHOLDERS’ EQUITY | ||||||||||||||||
Preferred stock, 0 par value; 1,000,000 shares authorized; NaN issued | 0— | 0— | 0— | 0— | ||||||||||||
Common shares, 0 par value; 71,000,000 shares authorized, 43,352,998 and 43,068,842 shares issued, respectively | 0— | 0— | ||||||||||||||
Common shares, 0 par value; 71,000,000 shares authorized, 43,514,258 and 43,361,898 shares issued and outstanding, respectively | 0— | 0— | ||||||||||||||
Additional paid-in capital | 146,304 | 140,195 | 148,623 | 147,403 | ||||||||||||
Retained earnings | 174,044 | 109,294 | 196,041 | 180,701 | ||||||||||||
Accumulated other comprehensive income (loss) | 1,808 | (1,860 | ) | |||||||||||||
Accumulated other comprehensive income | 555 | 198 | ||||||||||||||
Total shareholders’ equity | 322,156 | 247,629 | 345,219 | 328,302 | ||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 446,570 | $ | 405,261 | $ | 458,640 | $ | 449,722 | ||||||||
Common Shares Issued | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | Common Shares | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||
THREE MONTHS ENDED JUNE 30, 2021 | ||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 43,329 | $ | 145,338 | $ | 162,375 | $ | 1,760 | $ | 309,473 | |||||||||||||||||||||||||||||||
Balance at September 30, 2021 | 43,362 | $ | 147,403 | $ | 180,701 | $ | 198 | $ | 328,302 | |||||||||||||||||||||||||||||||
Conversion of restricted share units and exercise of stock options | 24 | 87 | — | — | 87 | 152 | (683 | ) | — | — | (683 | ) | ||||||||||||||||||||||||||||
Stock compensation expense | — | 879 | — | — | 879 | — | 1,903 | — | — | 1,903 | ||||||||||||||||||||||||||||||
Net earnings | — | — | 11,669 | — | 11,669 | — | — | 15,340 | — | 15,340 | ||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | 41 | 41 | — | — | — | (58 | ) | (58 | ) | ||||||||||||||||||||||||||||
Hedging activity, net of tax | — | — | — | 7 | 7 | — | — | — | 415 | 415 | ||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 43,353 | $ | 146,304 | $ | 174,044 | $ | 1,808 | $ | 322,156 | |||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 43,514 | $ | 148,623 | $ | 196,041 | $ | 555 | $ | 345,219 | |||||||||||||||||||||||||||||||
THREE MONTHS ENDED JUNE 30, 2020 | ||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 42,831 | $ | 134,584 | $ | 75,294 | $ | (5,345 | ) | $ | 204,533 | ||||||||||||||||||||||||||||||
Conversion of restricted share units and exercise of stock options | 8 | — | — | — | — | |||||||||||||||||||||||||||||||||||
Stock compensation expense | — | 1,050 | — | — | 1,050 | |||||||||||||||||||||||||||||||||||
Net earnings | — | — | 27,507 | — | 27,507 | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | 597 | 597 | |||||||||||||||||||||||||||||||||||
Hedging activity, net of tax | — | — | — | (352 | ) | (352 | ) | |||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 42,839 | $ | 135,634 | $ | 102,801 | $ | (5,100 | ) | $ | 233,335 | ||||||||||||||||||||||||||||||
Common Shares Issued | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | ||||||||||||||||||||||||||||||||||||
NINE MONTHS ENDED JUNE 30, 2021 | ||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | 43,069 | $ | 140,195 | $ | 109,294 | $ | (1,860 | ) | $ | 247,629 | 43,069 | $ | 140,195 | $ | 109,294 | $ | (1,860 | ) | $ | 247,629 | ||||||||||||||||||||
Conversion of restricted share units and exercise of stock options | 284 | 2,939 | — | — | 2,939 | 55 | (41 | ) | — | — | (41 | ) | ||||||||||||||||||||||||||||
Stock compensation expense | — | 3,170 | — | — | 3,170 | — | 1,241 | — | — | 1,241 | ||||||||||||||||||||||||||||||
Net earnings | — | — | 64,750 | — | 64,750 | — | — | 26,779 | — | 26,779 | ||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | 3,421 | 3,421 | — | — | — | 3,301 | 3,301 | ||||||||||||||||||||||||||||||
Hedging activity, net of tax | — | — | — | 247 | 247 | — | — | — | (42 | ) | (42 | ) | ||||||||||||||||||||||||||||
Balance at June 30, 2021 | 43,353 | $ | 146,304 | $ | 174,044 | $ | 1,808 | $ | 322,156 | |||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 43,124 | $ | 141,395 | $ | 136,073 | $ | 1,399 | $ | 278,867 | |||||||||||||||||||||||||||||||
NINE MONTHS ENDED JUNE 30, 2020 | ||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2019 | 42,712 | $ | 132,834 | $ | 63,108 | $ | (4,975 | ) | $ | 190,967 | ||||||||||||||||||||||||||||||
Conversion of restricted share units and exercise of stock options | 127 | (9 | ) | — | — | (9 | ) | |||||||||||||||||||||||||||||||||
Stock compensation expense | — | 2,809 | — | — | 2,809 | |||||||||||||||||||||||||||||||||||
Net earnings | — | — | 39,693 | — | 39,693 | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | 579 | 579 | |||||||||||||||||||||||||||||||||||
Hedging activity, net of tax | — | — | — | (704 | ) | (704 | ) | |||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 42,839 | $ | 135,634 | $ | 102,801 | $ | (5,100 | ) | $ | 233,335 | ||||||||||||||||||||||||||||||
1. | Nature of Business |
2. | Basis of Presentation |
3. | Significant Accounting Policies |
(a) | Recent Accounting Pronouncements – |
(b) | Reclassifications – |
4. | Revenue Recognition |
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | Inc (Dec) | 2021 | 2020 | Inc (Dec) | |||||||||||||||||||
Diagnostics- | ||||||||||||||||||||||||
Americas | $ | 24,543 | $ | 17,575 | 40 | % | $ | 73,367 | $ | 72,980 | 1 | % | ||||||||||||
EMEA | 6,251 | 3,576 | 75 | % | 18,352 | 16,853 | 9 | % | ||||||||||||||||
ROW | 395 | 447 | (12 | )% | 1,740 | 1,498 | 16 | % | ||||||||||||||||
Total Diagnostics | 31,189 | 21,598 | 44 | % | 93,459 | 91,331 | 2 | % | ||||||||||||||||
Life Science- | ||||||||||||||||||||||||
Americas | 7,419 | 22,007 | (66 | )% | 39,661 | 30,638 | 29 | % | ||||||||||||||||
EMEA | 15,723 | 26,227 | (40 | )% | 70,084 | 41,305 | 70 | % | ||||||||||||||||
ROW | 9,180 | 14,965 | (39 | )% | 38,488 | 26,240 | 47 | % | ||||||||||||||||
Total Life Science | 32,322 | 63,199 | (49 | )% | 148,233 | 98,183 | 51 | % | ||||||||||||||||
Consolidated | $ | 63,511 | $ | 84,797 | (25 | )% | $ | 241,692 | $ | 189,514 | 28 | % | ||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | Inc (Dec) | 2021 | 2020 | Inc (Dec) | |||||||||||||||||||
Diagnostics- | ||||||||||||||||||||||||
Molecular assays | $ | 4,383 | $ | 3,182 | 38 | % | $ | 13,368 | $ | 17,259 | (23 | )% | ||||||||||||
Non-molecular assays | 26,806 | 18,416 | 46 | % | 80,091 | 74,072 | 8 | % | ||||||||||||||||
Total Diagnostics | $ | 31,189 | $ | 21,598 | 44 | % | $ | 93,459 | $ | 91,331 | 2 | % | ||||||||||||
Life Science- | ||||||||||||||||||||||||
Molecular reagents | $ | 20,385 | $ | 38,791 | (47 | )% | $ | 104,016 | $ | 55,703 | 87 | % | ||||||||||||
Immunological reagents | 11,937 | 24,408 | (51 | )% | 44,217 | 42,480 | 4 | % | ||||||||||||||||
Total Life Science | $ | 32,322 | $ | 63,199 | (49 | )% | $ | 148,233 | $ | 98,183 | 51 | % | ||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | Inc (Dec) | 2021 | 2020 | Inc (Dec) | |||||||||||||||||||
Diagnostics- | ||||||||||||||||||||||||
Gastrointestinal assays | $ | 17,844 | $ | 9,584 | 86 | % | $ | 48,962 | $ | 39,644 | 24 | % | ||||||||||||
Respiratory illness assays | 3,742 | 5,052 | (26 | )% | 12,233 | 23,664 | (48 | )% | ||||||||||||||||
Blood chemistry assays | 4,254 | 3,364 | 26 | % | 13,006 | 12,508 | 4 | % | ||||||||||||||||
Other | 5,349 | 3,598 | 49 | % | 19,258 | 15,515 | 24 | % | ||||||||||||||||
Total Diagnostics | $ | 31,189 | $ | 21,598 | 44 | % | $ | 93,459 | $ | 91,331 | 2 | % | ||||||||||||
Three Months Ended December 31, | ||||||||||||
2021 | 2020 | Inc (Dec) | ||||||||||
Diagnostics- | ||||||||||||
Americas | $ | 26,613 | $ | 23,551 | 13 | % | ||||||
EMEA | 6,093 | 6,020 | 1 | % | ||||||||
ROW | 498 | 750 | (34 | )% | ||||||||
Total Diagnostics | 33,204 | 30,321 | 10 | % | ||||||||
Life Science- | ||||||||||||
Americas | 8,137 | 18,755 | (57 | )% | ||||||||
EMEA | 28,648 | 32,311 | (11 | )% | ||||||||
ROW | 18,352 | 11,530 | 59 | % | ||||||||
Total Life Science | 55,137 | 62,596 | (12 | )% | ||||||||
Consolidated | $ | 88,341 | $ | 92,917 | (5 | )% | ||||||
Three Months Ended December 31, | ||||||||||||
2021 | 2020 | Inc (Dec) | ||||||||||
Diagnostics- | ||||||||||||
Molecular assays | $ | 4,752 | $ | 4,590 | 4 | % | ||||||
Non-molecular assays | 28,452 | 25,731 | 11 | % | ||||||||
Total Diagnostics | $ | 33,204 | $ | 30,321 | 10 | % | ||||||
Life Science- | ||||||||||||
Molecular reagents | $ | 31,488 | $ | 46,029 | (32 | )% | ||||||
Immunological reagents | 23,649 | 16,567 | 43 | % | ||||||||
Total Life Science | $ | 55,137 | $ | 62,596 | (12 | )% | ||||||
Three Months Ended December 31, | ||||||||||||
2021 | 2020 | Inc (Dec) | ||||||||||
Diagnostics- | ||||||||||||
Gastrointestinal assays | $ | 21,619 | $ | 15,452 | 40 | % | ||||||
Respiratory illness assays | 6,380 | 4,806 | 33 | % | ||||||||
Blood chemistry assays | 78 | 4,394 | (98 | )% | ||||||||
Other | 5,127 | 5,669 | (10 | )% | ||||||||
Total Diagnostics | $ | 33,204 | $ | 30,321 | 10 | % | ||||||
5. | Fair Value Measurements |
6. | Business Combinations |
Fair Value Measurements Using Inputs Considered as | ||||||||||||||||
Carrying Value | Level 1 | Level 2 | Level 3 | |||||||||||||
Interest rate swaps - | ||||||||||||||||
As of June 30, 2021 | $ | (245 | ) | $ | 0 | $ | (245 | ) | $ | 0 | ||||||
As of September 30, 2020 | $ | (713 | ) | $ | 0 | $ | (713 | ) | $ | 0 | ||||||
Contingent consideration - | ||||||||||||||||
As of June 30, 2021 | $ | (15,404 | ) | $ | 0 | $ | 0 | $ | (15,404 | ) | ||||||
As of September 30, 2020 | $ | (20,909 | ) | $ | 0 | $ | 0 | $ | (20,909 | ) |
Three Months | Nine Months | |||||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net revenues | $ | 4,836 | $ | 1,308 | $ | 10,718 | $ | 1,308 | ||||||||
Net loss | $ | (497 | ) | (932 | ) | (2,236 | ) | (932 | ) |
April 30, 2020 | ||||
Fair value of assets acquired - | ||||
Cash | $ | 5,006 | ||
Accounts receivable | 637 | |||
Inventories | 4,026 | |||
Other current assets | 2,676 | |||
Property, plant and equipment | 528 | |||
Goodwill | 24,798 | |||
Other intangible assets (estimated useful life): | ||||
Non-compete agreement (5 years) | 110 | |||
Trade name (10 years) | 3,860 | |||
Technology (15 years) | 6,120 | |||
Customer relationships (10 years) | 20,640 | |||
Right-of-use | 1,311 | |||
Deferred tax assets, net | 6,780 | |||
76,492 | ||||
Fair value of liabilities assumed - | ||||
Accounts payable and accrued expenses (including current portion of lease and government grant obligations) | 8,008 | |||
Long-term lease obligations | 1,096 | |||
Long-term government grant obligations | 10,792 | |||
Other non-current liabilities | 291 | |||
20,187 | ||||
Total consideration paid (including $8,068 to pay off long-term debt) | $ | 56,305 | ||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net revenues | $ | 63,511 | $ | 85,083 | $ | 241,692 | $ | 196,978 | ||||||||
Net earnings | 11,669 | 27,403 | 64,750 | 38,433 |
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Adjustments to net revenues | ||||||||||||||||
Exalenz pre-acquisition net revenues | $ | 0 | $ | 286 | $ | 0 | $ | 7,464 | ||||||||
Adjustments to net earnings | ||||||||||||||||
Exalenz pre-acquisition net loss | $ | 0 | $ | (4,919 | ) | $ | 0 | $ | (6,423 | ) | ||||||
Pro forma adjustments: | ||||||||||||||||
Meridian acquisition-related costs | 0 | 1,641 | 0 | 3,428 | ||||||||||||
Exalenz transaction-related costs | 0 | 4,104 | 0 | 4,550 | ||||||||||||
Gain on Exalenz purchase price currency contracts | 0 | (845 | ) | 0 | (845 | ) | ||||||||||
Remove net impact of non-continuing personnel, locations or activities | 0 | (446 | ) | 0 | (301 | ) | ||||||||||
Incremental depreciation and amortization | 0 | (240 | ) | 0 | (2,064 | ) | ||||||||||
Interest, net | 0 | 444 | 0 | (328 | ) | |||||||||||
Tax effects of pro forma adjustments and recognizing benefit on resulting Exalenz losses | 0 | 157 | 0 | 723 | ||||||||||||
Total adjustments to net earnings | $ | 0 | $ | (104 | ) | $ | 0 | $ | (1,260 | ) | ||||||
Three Months Ended December 31, | 2021 | 2020 | ||||||
Net revenues | $ | 88,341 | $ | 97,824 | ||||
Net earnings | 15,340 | 28,014 |
7. |
June 30, 2021 | September 30, 2020 | |||||||
Institutional money market funds | $ | 1,017 | $ | 1,017 | ||||
Cash on hand, unrestricted | 68,995 | 52,497 | ||||||
Total | $ | 70,012 | $ | 53,514 | ||||
June 30, 2021 | September 30, 2020 | |||||||
Raw materials | $ | 18,654 | $ | 11,966 | ||||
Work-in-process | 23,570 | 19,477 | ||||||
Finished goods - instruments | 1,975 | 1,594 | ||||||
Finished goods - kits and reagents | 27,614 | 28,227 | ||||||
Total | $ | 71,813 | $ | 61,264 | ||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Lease costs within cost of sales | $ | 213 | $ | 165 | $ | 569 | $ | 424 | ||||||||
Lease costs within operating expenses | 390 | 330 | 1,151 | 889 | ||||||||||||
Right-of-use | 381 | 1,394 | 1,073 | 1,616 |
June 30, 2021 | September 30, 2020 | |||||||
Weighted average remaining lease term | 3.7 years | 4.2 years | ||||||
Average discount rate | 3.2 | % | 3.7 | % |
2021 (represents remainder of fiscal year) | $ | 613 | ||
2022 | 2,202 | |||
2023 | 1,590 | |||
2024 | 1,213 | |||
2025 | 913 | |||
Thereafter | 385 | |||
Total lease payments | 6,916 | |||
Less amount of lease payments representing interest | (380 | ) | ||
Total present value of lease payments | $ | 6,536 | ||
Nine Months Ended June 30, | 2021 | 2020 | ||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||
Operating cash flows from operating leases | $ | 1,611 | $ | 1,213 | ||||
June 30, 2021 | September 30, 2020 | |||||||||||||||
Gross Carrying Value | Accumulated Amortization | Gross Carrying Value | Accumulated Amortization | |||||||||||||
Manufacturing technologies, core products and cell lines | $ | 62,451 | $ | 21,714 | $ | 62,363 | $ | 18,750 | ||||||||
Trade names, licenses and patents | 18,530 | 9,225 | 18,425 | 7,801 | ||||||||||||
Customer lists, customer relationships and supply agreements | 45,305 | 18,687 | 45,071 | 16,210 | ||||||||||||
Non-compete agreements | 110 | 26 | 110 | 11 | ||||||||||||
Total | $ | 126,396 | $ | 49,652 | $ | 125,969 | $ | 42,772 | ||||||||
June 30, 2021 | September 30, 2020 | |||||||
Current liabilities | $ | 735 | $ | 600 | ||||
Non-current liabilities | $ | 10,512 | $ | 10,524 |
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Diagnostics | ||||||||||||||||
Customer A | 10 | % | 13 | % | 11 | % | 11 | % | ||||||||
Customer B | 11 | % | 8 | % | 10 | % | 13 | % | ||||||||
Customer C | 14 | % | 5 | % | 12 | % | 5 | % | ||||||||
Life Science | ||||||||||||||||
Customer D | 3 | % | 23 | % | 4 | % | 17 | % | ||||||||
Customer E | 4 | % | 14 | % | 12 | % | 11 | % |
Diagnostics | Life Science | Corporate (1) | Eliminations (2) | Total | ||||||||||||||||
Three Months Ended June 30, 2021 | ||||||||||||||||||||
Net revenues - | ||||||||||||||||||||
Third-party | $ | 31,189 | $ | 32,322 | $ | — | $ | — | $ | 63,511 | ||||||||||
Inter-segment | 100 | 54 | — | (154 | ) | — | ||||||||||||||
Operating income | 2,510 | 16,129 | (2,998 | ) | 39 | 15,680 | ||||||||||||||
Goodwill (June 30, 2021) | 95,267 | 20,048 | — | — | 115,315 | |||||||||||||||
Other intangible assets, net (June 30, 2021) | 76,743 | 1 | — | — | 76,744 | |||||||||||||||
Total assets (June 30, 2021) | 329,003 | 117,564 | — | 3 | 446,570 | |||||||||||||||
Three Months Ended June 30, 2020 | ||||||||||||||||||||
Net revenues - | ||||||||||||||||||||
Third-party | $ | 21,598 | $ | 63,199 | $ | — | $ | — | $ | 84,797 | ||||||||||
Inter-segment | 86 | 56 | — | (142 | ) | — | ||||||||||||||
Operating income | (1,783 | ) | 39,305 | (2,849 | ) | (8 | ) | 34,665 | ||||||||||||
Goodwill (September 30, 2020) | 94,855 | 19,331 | — | — | 114,186 | |||||||||||||||
Other intangible assets, net (September 30, 2020) | 83,179 | 18 | — | — | 83,197 | |||||||||||||||
Total assets (September 30, 2020) | 306,812 | 98,483 | — | (34 | ) | 405,261 | ||||||||||||||
Nine Months Ended June 30, 2021 | ||||||||||||||||||||
Net revenues - | ||||||||||||||||||||
Third-party | $ | 93,459 | $ | 148,233 | $ | — | $ | — | $ | 241,692 | ||||||||||
Inter-segment | 285 | 163 | — | (448 | ) | — | ||||||||||||||
Operating income | 3,749 | 92,015 | (11,286 | ) | 67 | 84,545 | ||||||||||||||
Nine Months Ended June 30, 2020 | ||||||||||||||||||||
Net revenues - | ||||||||||||||||||||
Third-party | $ | 91,331 | $ | 98,183 | $ | — | $ | — | $ | 189,514 | ||||||||||
Inter-segment | 264 | 176 | — | (440 | ) | — | ||||||||||||||
Operating income | 8,087 | 51,564 | (7,832 | ) | 31 | 51,850 | ||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Operating income: | ||||||||||||||||
Diagnostics segment | $ | 2,510 | $ | (1,783 | ) | $ | 3,749 | $ | 8,087 | |||||||
Life Science segment | 16,129 | 39,305 | 92,015 | 51,564 | ||||||||||||
Eliminations | 39 | (8 | ) | 67 | 31 | |||||||||||
Total segment operating income | 18,678 | 37,514 | 95,831 | 59,682 | ||||||||||||
Corporate operating expenses | (2,998 | ) | (2,849 | ) | (11,286 | ) | (7,832 | ) | ||||||||
Interest income | 0 | 3 | 15 | 137 | ||||||||||||
Interest expense | (444 | ) | (703 | ) | (1,450 | ) | (2,002 | ) | ||||||||
RADx initiative grant income | 0 | — | 1,000 | — | ||||||||||||
Other, net | 59 | 908 | (1,515 | ) | 1,561 | |||||||||||
Consolidated earnings before income taxes | $ | 15,295 | $ | 34,873 | $ | 82,595 | $ | 51,546 | ||||||||
8. | Cash and Cash Equivalents |
December 31, 2021 | September 30, 2021 | |||||||
Institutional money market funds | $ | 1,020 | $ | 1,020 | ||||
Cash on hand, unrestricted | 71,709 | 48,751 | ||||||
Total | $ | 72,729 | $ | 49,771 | ||||
9. | Inventories, Net |
December 31, 2021 | September 30, 2021 | |||||||
Raw materials | $ | 15,104 | $ | 14,843 | ||||
Work-in-process | 21,479 | 25,072 | ||||||
Finished goods - instruments | 2,699 | 2,260 | ||||||
Finished goods - kits and reagents | 34,916 | 34,667 | ||||||
Total | $ | 74,198 | $ | 76,842 | ||||
10. | Goodwill and Other Intangible Assets, Net |
December 31, 2021 | September 30, 2021 | |||||||||||||||
Gross Carrying Value | Accumulated Amortization | Gross Carrying Value | Accumulated Amortization | |||||||||||||
Manufacturing technologies, core products and cell lines | $ | 62,421 | $ | 23,592 | $ | 62,416 | $ | 22,633 | ||||||||
Trade names, licenses and patents | 18,495 | 9,806 | 18,489 | 9,492 | ||||||||||||
Customer lists, customer relationships and supply agreements | 54,954 | 20,887 | 54,941 | 19,649 | ||||||||||||
Non-compete agreements | 110 | 37 | 110 | 31 | ||||||||||||
Total | $ | 135,980 | $ | 54,322 | $ | 135,956 | $ | 51,805 | ||||||||
11. | Leasing Arrangements |
Three Months Ended December 31, | 2021 | 2020 | ||||||
Lease costs within cost of sales | $ | 225 | $ | 158 | ||||
Lease costs within operating expenses | 388 | 374 | ||||||
Right-of-use , obtained in exchange for operating lease liabilities | 218 | 80 |
December 31, 2021 | September 30, 2021 | |||||||
Weighted average remaining lease term | 3.3 years | 3.6 years | ||||||
Average discount rate | 3.2 | % | 3.2 | % |
2022 (represents remainder of fiscal year) | $ | 1,687 | ||
2023 | 1,690 | |||
2024 | 1,218 | |||
2025 | 908 | |||
2026 | 316 | |||
Thereafter | 62 | |||
Total lease payments | 5,881 | |||
Less amount of lease payments representing interest | (295 | ) | ||
Total present value of lease payments | $ | 5,586 | ||
Three Months Ended December 31, | 2021 | 2020 | ||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||
Operating cash flows from operating leases | $ | 627 | $ | 494 | ||||
12. | Bank Credit Arrangements |
13. | Contingent Obligations and Non-Current Liabilities |
December 31, 2021 | September 30, 2021 | |||||||
Current liabilities | $ | 765 | $ | 638 | ||||
Non-current liabilities | $ | 5,068 | $ | 5,176 |
14. | National Institutes of Health Contracts |
15. | Reportable Segment and Major Customers Information |
Diagnostics | Life Science | Corporate (1) | Eliminations (2) | Total | ||||||||||||||||
Three Months Ended December 31, 2021 | ||||||||||||||||||||
Net revenues - | ||||||||||||||||||||
Third-party | $ | 33,204 | $ | 55,137 | $ | — | $ | — | $ | 88,341 | ||||||||||
Inter-segment | 34 | 55 | — | (89 | ) | — | ||||||||||||||
Operating (loss) income | (2,612 | ) | 26,517 | (3,637 | ) | 15 | 20,283 | |||||||||||||
Goodwill (December 31, 2021) | 94,908 | 19,805 | — | — | 114,713 | |||||||||||||||
Other intangible assets, net (December 31, 2021) | 81,656 | 2 | — | — | 81,658 | |||||||||||||||
Total assets (December 31, 2021) | 352,318 | 106,339 | — | (17 | ) | 458,640 | ||||||||||||||
Three Months Ended December 31, 2020 | ||||||||||||||||||||
Net revenues - | ||||||||||||||||||||
Third-party | $ | 30,321 | $ | 62,596 | $ | — | $ | — | $ | 92,917 | ||||||||||
Inter-segment | 69 | 18 | — | (87 | ) | — | ||||||||||||||
Operating (loss) income | (1,182 | ) | 39,797 | (3,963 | ) | 12 | 34,664 | |||||||||||||
Goodwill (September 30, 2021) | 94,904 | 19,764 | — | — | 114,668 | |||||||||||||||
Other intangible assets, net (September 30, 2021) | 84,149 | 2 | — | — | 84,151 | |||||||||||||||
Total assets (September 30, 2021) | 339,208 | 110,536 | — | (22 | ) | 449,722 | ||||||||||||||
(2) | Eliminations consist of inter-segment transactions. |
Three Months Ended December 31, | 2021 | 2020 | ||||||
Operating (loss) income: | ||||||||
Diagnostics segment | $ | (2,612 | ) | $ | (1,182 | ) | ||
Life Science segment | 26,517 | 39,797 | ||||||
Eliminations | 15 | 12 | ||||||
Total operating income | 23,920 | 38,627 | ||||||
Corporate expenses | (3,637 | ) | (3,963 | ) | ||||
Interest income | 1 | 9 | ||||||
Interest expense | (372 | ) | (534 | ) | ||||
RADx initiative grant income | 0 | 800 | ||||||
Other, net | (161 | ) | (691 | ) | ||||
Consolidated earnings before income taxes | $ | 19,751 | $ | 34,248 | ||||
Three Months Ended December 31, | 2021 | 2020 | ||||||
Diagnostics | ||||||||
Customer A | 10 | % | 12 | % | ||||
Customer B | 11 | % | 10 | % | ||||
Customer C | 11 | % | 11 | % | ||||
Life Science | ||||||||
Customer D | 14 | % | 19 | % | ||||
Customer E | 23 | % | 2 | % |
Three Months Ended December 31, | 2021 | 2020 | ||||||
Life Science | ||||||||
Customer D | 9 | % | 13 | % | ||||
Customer E | 14 | % | 2 | % |
16. | Income Taxes |
17. | Subsequent Event |
- | By Reportable Segment & Geographic Region |
- | By Product Platform/Type |
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||
Gross profit | $ | 37,111 | $ | 55,983 | (34 | )% | $ | 156,431 | $ | 118,180 | 32 | % | ||||||||||||||||
Gross profit margin | 58 | % | 66 | % | -8 points | 65 | % | 62 | % | +3 points |
Three Months Ended June 30, | ||||||||||||||||||||
Research & Development | Selling & Marketing | General & Administrative | Other | Total Operating Expenses | ||||||||||||||||
Fiscal 2020: | ||||||||||||||||||||
Diagnostics | $ | 6,129 | $ | 5,009 | $ | 6,279 | $ | (4,387 | ) | $ | 13,030 | |||||||||
Life Science | 539 | 1,273 | 3,630 | (3 | ) | 5,439 | ||||||||||||||
Corporate | — | — | 2,715 | 134 | 2,849 | |||||||||||||||
Total Expenses (2020 Quarter) | $ | 6,668 | $ | 6,282 | $ | 12,624 | $ | (4,256 | ) | $ | 21,318 | |||||||||
Fiscal 2021: | ||||||||||||||||||||
Diagnostics | $ | 5,463 | $ | 4,966 | $ | 6,140 | $ | (3,263 | ) | $ | 13,306 | |||||||||
Life Science | 620 | 1,243 | 3,264 | — | 5,127 | |||||||||||||||
Corporate | — | — | 2,560 | 438 | 2,998 | |||||||||||||||
Total Expenses (2021 Quarter) | $ | 6,083 | $ | 6,209 | $ | 11,964 | $ | (2,825 | ) | $ | 21,431 | |||||||||
Nine Months Ended June 30, | ||||||||||||||||||||
Research & Development | Selling & Marketing | General & Administrative | Other | Total Operating Expenses | ||||||||||||||||
Fiscal 2020: | ||||||||||||||||||||
Diagnostics | $ | 15,037 | $ | 15,806 | $ | 16,853 | $ | (3,575 | ) | $ | 44,121 | |||||||||
Life Science | 1,709 | 3,733 | 8,740 | 195 | 14,377 | |||||||||||||||
Corporate | — | — | 6,643 | 1,189 | 7,832 | |||||||||||||||
Total Expenses (2020 Year-to-Date) | $ | 16,746 | $ | 19,539 | $ | 32,236 | $ | (2,191 | ) | $ | 66,330 | |||||||||
Fiscal 2021: | ||||||||||||||||||||
Diagnostics | $ | 16,011 | $ | 15,914 | $ | 18,441 | $ | (5,205 | ) | $ | 45,161 | |||||||||
Life Science | 1,788 | 3,856 | 9,795 | — | 15,439 | |||||||||||||||
Corporate | — | — | 8,591 | 2,695 | 11,286 | |||||||||||||||
Total Expenses (2021 Year-to-Date) | $ | 17,799 | $ | 19,770 | $ | 36,827 | $ | (2,510 | ) | $ | 71,886 | |||||||||
Three Months Ended June 30, | ||||||||||||||||||||
Research & Development | Selling & Marketing | General & Administrative | Other | Total Operating Expenses | ||||||||||||||||
2020 Expenses | $ | 6,668 | $ | 6,282 | $ | 12,624 | $ | (4,256 | ) | $ | 21,318 | |||||||||
% of Revenues | 8 | % | 7 | % | 15 | % | (5 | )% | 25 | % | ||||||||||
Fiscal 2021 Increases/(Decreases): | ||||||||||||||||||||
Diagnostics | (666 | ) | (43 | ) | (139 | ) | 1,124 | 276 | ||||||||||||
Life Science | 81 | (30 | ) | (366 | ) | 3 | (312 | ) | ||||||||||||
Corporate | — | — | (155 | ) | 304 | 149 | ||||||||||||||
2021 Expenses | $ | 6,083 | $ | 6,209 | $ | 11,964 | $ | (2,825 | ) | $ | 21,431 | |||||||||
% of Revenues | 10 | % | 10 | % | 19 | % | (4 | )% | 34 | % | ||||||||||
% Increase (Decrease) | (9 | )% | (1 | )% | (5 | )% | 34 | % | 1 | % |
Three Months Ended December 31, | ||||||||||||
2021 | 2020 | Change | ||||||||||
Gross Profit | $ | 49,159 | $ | 61,548 | (20 | )% | ||||||
Gross Profit Margin | 56 | % | 66 | % | -10 points |
Research & Development | Selling & Marketing | General & Administrative | Other | Total Operating Expenses | ||||||||||||||||
Fiscal 2021 First Quarter: | ||||||||||||||||||||
Diagnostics | $ | 5,070 | $ | 5,728 | $ | 5,748 | $ | 1,047 | $ | 17,593 | ||||||||||
Life Science | 581 | 1,293 | 3,454 | — | 5,328 | |||||||||||||||
Corporate | — | — | 2,736 | 1,227 | 3,963 | |||||||||||||||
Total 2021 First Quarter Expenses | $ | 5,651 | $ | 7,021 | $ | 11,938 | $ | 2,274 | $ | 26,884 | ||||||||||
Fiscal 2022 First Quarter: | ||||||||||||||||||||
Diagnostics | $ | 5,556 | $ | 6,009 | $ | 7,143 | $ | — | $ | 18,708 | ||||||||||
Life Science | 638 | 1,732 | 4,161 | — | 6,531 | |||||||||||||||
Corporate | — | — | 3,356 | 281 | 3,637 | |||||||||||||||
Total 2022 First Quarter Expenses | $ | 6,194 | $ | 7,741 | $ | 14,660 | $ | 281 | $ | 28,876 | ||||||||||
Nine Months Ended June 30, | ||||||||||||||||||||
Research & Development | Selling & Marketing | General & Administrative | Other | Total Operating Expenses | ||||||||||||||||
2020 Expenses | $ | 16,746 | $ | 19,539 | $ | 32,236 | $ | (2,191 | ) | $ | 66,330 | |||||||||
% of Revenues | 9 | % | 10 | % | 17 | % | (1 | )% | 35 | % | ||||||||||
Fiscal 2021 Increases/(Decreases): | ||||||||||||||||||||
Diagnostics | 974 | 108 | 1,588 | (1,630 | ) | 1,040 | ||||||||||||||
Life Science | 79 | 123 | 1,055 | (195 | ) | 1,062 | ||||||||||||||
Corporate | — | — | 1,948 | 1,506 | 3,454 | |||||||||||||||
2021 Expenses | $ | 17,799 | $ | 19,770 | $ | 36,827 | (2,510 | ) | $ | 71,886 | ||||||||||
% of Revenues | 7 | % | 8 | % | 15 | % | (1 | )% | 30 | % | ||||||||||
% Increase (Decrease) | 6 | % | 1 | % | 14 | % | (15 | )% | 8 | % |
101.INS | Inline XBRL Instance Document | |
101.SCH | Inline XBRL Instance Extension Schema | |
101.CAL | Inline XBRL Instance Extension Calculation Linkbase | |
101.DEF | Inline XBRL Instance Extension Definition Linkbase | |
101.LAB | Inline XBRL Instance Extension Label Linkbase | |
101.PRE | Inline XBRL Instance Extension Presentation Linkbase | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* | Management Compensatory Contracts |
+ | Certain portions of these exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The omitted information is not material and would likely cause competitive harm to the Registrant if publicly disclosed. The Registrant hereby agrees to furnish a copy of any omitted schedule or other portion to the SEC upon request. |
MERIDIAN BIOSCIENCE, INC. | ||||||
Date: | By: | /s/ | ||||
Senior Vice President and Controller (Principal |